Economy_Overview - Central Arkansas Workforce Development Area

Economy Overview Arkansas Coun es Arkansas Department of Workforce Services POB 2981 Li le Rock, Arkansas 72203 Emsi Q2 2019 Data Set | www.economicmodeling.com Economy Overview Contents Economy Overview .Historic & Projected Trends .Popula on Characteris cs .Industry Characteris cs .Business Characteris cs 15 Workforce Characteris cs 17 Educa onal Pipeline 25 Emsi Q2 2019 Data Set | www.economicmodeling.com Economy Overview Economy Overview 729,518 372,876 $54.5K Popula on (2018) Total Regional Employment Avg Earnings Per Job (2018) Popula on grew by 19,357 over the last years and is projected to grow by 16,880 over the next years Jobs grew by 9,014 over the last years and are projected to grow by 14,494 over the next years Regional average earnings per job are $11.2K below the na onal average earnings of $65.7K per job Takeaways As of 2018 the region's popula on increased by 2.7% since 2013, growing by 19,357 Popula on is expected to increase by 2.3% between 2018 and 2023, adding 16,880 From 2013 to 2018, jobs increased by 2.5% in Arkansas Coun es from 363,862 to 372,876 This change fell short of the na onal growth rate of 8.2% by 5.7% As the number of jobs increased, the labor force par cipa on rate increased from 59.0% to 59.6% between 2013 and 2018 Concerning educa onal a ainment, 18.5% of the selected regions' residents possess a Bachelor's Degree (0.1% below the na onal average), and 6.7% hold an Associate's Degree (1.3% below the na onal average) The top three industries in 2018 are Restaurants and Other Ea ng Places, State Government, Excluding Educa on and Hospitals, and Educa on and Hospitals (State Government) Region Li le Rock, AR (in Pulaski county) Popula on (2018) Labor Force (2018) Jobs (2018) Cost of Living GRP Imports Exports 729,518 349,616 372,876 93.0 $37.72B $37.69B $48.38B 14,131 N/A 6,302 95.8 $654.55M $1.43B $1.78B Emsi Q2 2019 Data Set | www.economicmodeling.com Economy Overview Economy Overview - Cont 2018 Labor Force Breakdown Popula on A 729,518 Popula on Total Working Age Popula on 586,125 A Not in Labor Force (15+) 236,509 A Labor Force 349,616 A Employed A Unemployed A 338,118 11,498 Under 15 143,392 Educa onal A ainment Concerning educa onal a ainment, 18.5% of the selected regions' residents possess a Bachelor's Degree (0.1% below the na onal average), and 6.7% hold an Associate's Degree (1.3% below the na onal average) % of Popula on Popula on A Less Than 9th Grade 3.9% 19,291 A 9th Grade to 12th Grade 6.7% 32,718 A High School Diploma 30.1% 147,269 A Some College 23.9% 116,972 A Associate's Degree 6.7% 32,917 A Bachelor's Degree 18.5% 90,285 A Graduate Degree and Higher 10.1% 49,423 Emsi Q2 2019 Data Set | www.economicmodeling.com Economy Overview Historic & Projected Trends Popula on Trends As of 2018 the region's popula on increased by 2.7% since 2013, growing by 19,357 Popula on is expected to increase by 2.3% between 2018 and 2023, adding 16,880 Timeframe Popula on 2013 710,161 2014 714,926 2015 717,546 2016 720,600 2017 725,167 2018 729,518 2019 733,507 2020 737,173 2021 740,532 2022 743,602 2023 746,398 Emsi Q2 2019 Data Set | www.economicmodeling.com Economy Overview Historic & Projected Trends - Cont Job Trends From 2013 to 2018, jobs increased by 2.5% in Arkansas Coun es from 363,862 to 372,876 This change fell short of the na onal growth rate of 8.2% by 5.7% Timeframe Jobs 2013 363,862 2014 363,959 2015 366,999 2016 368,467 2017 371,213 2018 372,876 2019 376,905 2020 380,267 2021 383,164 2022 385,742 2023 387,371 Emsi Q2 2019 Data Set | www.economicmodeling.com Economy Overview Historic & Projected Trends - Cont Labor Force Par cipa on Rate Trends Timeframe Labor Force Par cipa on Rate 2014 59.12% 2015 59.44% 2016 59.68% 2017 60.01% January - October 2018 59.65% November 2018 59.68% December 2018 59.65% January 2019 58.42% Emsi Q2 2019 Data Set | www.economicmodeling.com Economy Overview Historic & Projected Trends - Cont Unemployment Rate Trends Your areas had a January 2019 unemployment rate of 3.95%, decreasing from 5.38% years before Timeframe Unemployment Rate 2014 5.38% 2015 4.48% 2016 3.49% 2017 3.31% January - October 2018 3.37% November 2018 3.03% December 2018 3.29% January 2019 3.95% Emsi Q2 2019 Data Set | www.economicmodeling.com Economy Overview Popula on Characteris cs 155,574 197,843 245,364 Millennials Re ring Soon Racial Diversity Your area has 155,574 millennials Re rement risk is about average in Racial diversity is low in your area (ages 20-34) The na onal average your area The na onal average for The na onal average for an area for an area this size is 150,193 an area this size is 206,727 people this size is 284,787 racially diverse 55 or older, while there are people, while there are 245,364 197,843 here here 53,133 7.46/1,000 42.1/1,000 Veterans Violent Crime Property Crime Your area has 53,133 veterans The Your area has 7.46 violent crimes Your area has 42.1 property crimes na onal average for an area this per 1,000 people The na onal rate per 1,000 people The na onal rate size is 42,165 is 3.75 per 1,000 people is 24.21 per 1,000 people Emsi Q2 2019 Data Set | www.economicmodeling.com Economy Overview Popula on Characteris cs - Cont Place of Work vs Place of Residence Understanding where talent in the region currently works compared to where talent lives can help you op mize site decisions For example, the #1 ranked ZIP for employment ranks #11 for resident workers The top ZIP for resident workers is 72034 Where Talent Works ZIP Name 72205 Where Talent Lives 2018 Employment 2018 Workers ZIP Name Li le Rock, AR (in Pulaski … county) 37,506 72034 Conway, AR (in Faulkner…county) 22,630 72201 Li le Rock, AR (in Pulaski … county) 24,210 72023 Cabot, AR (in Lonoke county) … 17,391 72032 Conway, AR (in Faulkner…county) 22,878 72076 Jacksonville, AR (in Pulaski … county) 16,705 72211 Li le Rock, AR (in Pulaski … county) 22,257 72120 Sherwood, AR (in Pulaski … county) 16,659 72209 Li le Rock, AR (in Pulaski … county) 17,489 72032 Conway, AR (in Faulkner…county) 16,326 Emsi Q2 2019 Data Set | www.economicmodeling.com Economy Overview Industry Characteris cs - Cont Top Industry LQ Industry LQ U li es Government Finance and Insurance Management of Companies and Enterprises Other Services (except Public Administra on) Health Care and Social Assistance Retail Trade Transporta on and Warehousing Wholesale Trade Accommoda on and Food Services ve and Support and Waste Management and Remedia on Services Construc on Real Estate and Rental and Leasing Professional, Scien fic, and Technical Services Educa onal Services Informa on Manufacturing Arts, Entertainment, and Recrea on Mining, Quarrying, and Oil and Gas Extrac on Agriculture, Forestry, Fishing and Hun ng 0.00 Emsi Q2 2019 Data Set | www.economicmodeling.com 1.00 11 Economy Overview Industry Characteris cs - Cont Top Industry GRP 2018 Gross Regional Product Government Health Care and Social Assistance Finance and Insurance Wholesale Trade Manufacturing Professional, Scien fic, and Technical Services Retail Trade Construc on Real Estate and Rental and Leasing Informa on ve and Support and Waste Management and Remedia on Services Transporta on and Warehousing U li es Accommoda on and Food Services Other Services (except Public Administra on) Management of Companies and Enterprises Educa onal Services Agriculture, Forestry, Fishing and Hun ng Mining, Quarrying, and Oil and Gas Extrac on Arts, Entertainment, and Recrea on $0.000 Emsi Q2 2019 Data Set | www.economicmodeling.com $1.000B $2.000B $3.000B $4.000B $5.000B $6.000B 12 Economy Overview Industry Characteris cs - Cont Top Industry Earnings 2018 Earnings Per Worker U li es Mining, Quarrying, and Oil and Gas Extrac on Finance and Insurance Management of Companies and Enterprises Professional, Scien fic, and Technical Services Wholesale Trade Government Informa on Manufacturing Transporta on and Warehousing Health Care and Social Assistance Construc on Real Estate and Rental and Leasing Agriculture, Forestry, Fishing and Hun ng Educa onal Services ve and Support and Waste Management and Remedia on Services Retail Trade Other Services (except Public Administra on) Arts, Entertainment, and Recrea on Accommoda on and Food Services $0 Emsi Q2 2019 Data Set | www.economicmodeling.com $20,000 $40,000 $60,000 $80,000 $100,000 $120,000 13 Economy Overview Industry Characteris cs - Cont Change in Jobs % Change in Jobs 2018 LQ 2018 Earnings Per Worker 2018 GRP 72,472 -4,887 -6% 1.29 $69,070 $6.58B 47,092 52,023 4,931 +10% 1.10 $56,212 $3.54B Retail Trade 38,362 40,108 1,746 +5% 1.06 $33,778 $2.35B Accommoda on and Food Services 28,835 31,656 2,821 +10% 0.99 $19,445 $1.01B Administra ve and Support and Waste Management and Remedia on Services 22,311 22,481 170 +1% 0.97 $36,651 $1.23B Manufacturing 19,058 19,790 732 +4% 0.67 $67,088 $2.53B Other Services (except Public Administra on) 19,233 19,678 445 +2% 1.11 $29,684 $836.21M Professional, Scien fic, and Technical Services 18,358 19,282 924 +5% 0.80 $76,043 $2.37B Construc on 17,451 18,452 1,001 +6% 0.89 $53,150 $1.52B Finance and Insurance 15,633 17,288 1,655 +11% 1.15 $89,984 $3.38B Wholesale Trade 14,217 14,086 -131 -1% 1.02 $73,473 $2.69B Transporta on and Warehousing 12,593 13,842 1,249 +10% 1.03 $57,089 $1.20B Educa onal Services 6,420 6,813 393 +6% 0.71 $39,333 $325.42M Management of Companies and Enterprises 4,383 5,925 1,542 +35% 1.11 $79,923 $530.30M Real Estate and Rental and Leasing 5,702 5,443 -259 -5% 0.87 $49,635 $1.32B Informa on 7,320 4,652 -2,668 -36% 0.68 $67,732 $1.27B Arts, Entertainment, and Recrea on 3,350 3,899 549 +16% 0.60 $22,500 $153.00M U li es 2,222 2,173 -49 -2% 1.70 $128,148 $1.11B Agriculture, Forestry, Fishing and Hun ng 1,974 2,010 36 +2% 0.46 $40,400 $265.53M Mining, Quarrying, and Oil and Gas Extrac on 1,989 804 -1,185 -60% 0.52 $91,197 $256.72M 2013 Jobs 2018 Jobs Government 77,359 Health Care and Social Assistance Industry Emsi Q2 2019 Data Set | www.economicmodeling.com 14 Economy Overview Business Characteris cs 49,317 Companies Employ Your Workers Online profiles for your workers men on 49,317 companies as employers, with the top 10 appearing below In the last 12 months, 11,470 companies in your area posted job pos ngs, with the top 10 appearing below Top Companies Profiles Top Companies Pos ng Unique Pos ngs University of Arkansas For Medical … Sciences 3,260 Virtual Voca ons 2,957 Arkansas Department of Parks and … Tourism 2,156 CRST Interna onal, Inc 2,372 Arkansas Children's Hospital 1,541 Bap st Health 2,147 Bap st Health 1,209 Anthem, Inc 1,610 Li le Rock School District 1,185 University of Arkansas 1,584 United States Department of the …Air Force 1,106 U.S Bancorp 1,543 University of Arkansas At Li le … Rock (uelr)983 J.B Hunt Transport Services, Inc 1,531 Acxiom Corpora on 966 Uber Technologies, Inc 1,424 University of Central Arkansas 965 Arkansas Department of Parks and … Tourism 1,395 Wal-Mart Stores, Inc 943 USA Truck, Inc Emsi Q2 2019 Data Set | www.economicmodeling.com 1,077 15 Economy Overview Business Characteris cs - Cont Business Size Percentage Business Count A to employees 38.1% 10,912 A to employees 25.2% 7,207 A 10 to 19 employees 20.7% 5,933 A 20 to 49 employees 11.7% 3,357 A 50 to 99 employees 2.8% 792 A 100 to 249 employees 1.1% 324 A 250 to 499 employees 0.3% 87 A 500+ employees 0.2% 43 *Business Data by DatabaseUSA.com is third-party data provided by Emsi to its customers as a convenience, and Emsi does not endorse or warrant its accuracy or consistency with other published Emsi data In most cases, the Business Count will not match total companies with profiles on the summary tab Emsi Q2 2019 Data Set | www.economicmodeling.com 16 Economy Overview Workforce Characteris cs Largest Occupa ons Occupa on Jobs Na onal Average Office and Administra ve Support Sales and Related Food Prepara on and Serving Related Healthcare Prac oners and Technical Transporta on and Material Moving Management Business and Financial Opera ons Educa on, Training, and Library Produc on Construc on and Extrac on Installa on, Maintenance, and Repair Personal Care and Service Building and Grounds Cleaning and Maintenance Healthcare Support Computer and Mathema cal Protec ve Service Community and Social Service Arts, Design, Entertainment, Sports, and Media Architecture and Engineering Legal Military-only Life, Physical, and Social Science Farming, Fishing, and Forestry Emsi Q2 2019 Data Set | www.economicmodeling.com 10,000 20,000 30,000 40,000 50,000 17 Economy Overview Workforce Characteris cs - Cont Top Growing Occupa ons Occupa on Jobs Growth Healthcare Prac oners and Technical Food Prepara on and Serving Related Personal Care and Service Business and Financial Opera ons Transporta on and Material Moving Management Arts, Design, Entertainment, Sports, and Media Produc on Healthcare Support Community and Social Service Farming, Fishing, and Forestry Legal Protec ve Service Emsi Q2 2019 Data Set | www.economicmodeling.com 500 1,000 1,500 2,000 18 Economy Overview Workforce Characteris cs - Cont Top Occupa on LQ Occupa on LQ Healthcare Prac oners and Technical Military-only Healthcare Support Legal Installa on, Maintenance, and Repair Community and Social Service Management Sales and Related Business and Financial Opera ons Protec ve Service Office and Administra ve Support Transporta on and Material Moving Building and Grounds Cleaning and Maintenance Food Prepara on and Serving Related Construc on and Extrac on Computer and Mathema cal Personal Care and Service Educa on, Training, and Library Life, Physical, and Social Science Arts, Design, Entertainment, Sports, and Media Architecture and Engineering Produc on Farming, Fishing, and Forestry 0.00 Emsi Q2 2019 Data Set | www.economicmodeling.com 1.00 19 Economy Overview Workforce Characteris cs - Cont Top Occupa on Earnings 2017 Median Hourly Earnings Management Computer and Mathema cal Architecture and Engineering Legal Healthcare Prac oners and Technical Business and Financial Opera ons Life, Physical, and Social Science Educa on, Training, and Library Community and Social Service Installa on, Maintenance, and Repair Arts, Design, Entertainment, Sports, and Media Protec ve Service Military-only Produc on Construc on and Extrac on Office and Administra ve Support Transporta on and Material Moving Sales and Related Healthcare Support Farming, Fishing, and Forestry Building and Grounds Cleaning and Maintenance Personal Care and Service Food Prepara on and Serving Related $0.00 Emsi Q2 2019 Data Set | www.economicmodeling.com $5.00 $10.00 $15.00 $20.00 $25.00 $30.00 20 Economy Overview Workforce Characteris cs - Cont Top Posted Occupa ons Unique Average Monthly Pos ngs Transporta on and Material Moving Sales and Related Healthcare Prac oners and Technical Office and Administra ve Support Management Computer and Mathema cal Business and Financial Opera ons Food Prepara on and Serving Related Installa on, Maintenance, and Repair Educa on, Training, and Library Produc on Architecture and Engineering Personal Care and Service Healthcare Support Arts, Design, Entertainment, Sports, and Media Community and Social Service Building and Grounds Cleaning and Maintenance Construc on and Extrac on Protec ve Service Life, Physical, and Social Science Legal Farming, Fishing, and Forestry Military-only Emsi Q2 2019 Data Set | www.economicmodeling.com 1,000 2,000 3,000 4,000 5,000 21 Economy Overview Workforce Characteris cs - Cont Underemployment Jobs Requiring Ed Level Popula on at Ed Level No Formal Educa on Required High School Diploma or Equivalent Some College, Non-Degree Award Associate's Degree Bachelor's Degree Graduate Degree and Higher 0% Emsi Q2 2019 Data Set | www.economicmodeling.com 10% 20% 30% 40% 22 Economy Overview Workforce Characteris cs - Cont Change in Jobs % Change in Jobs 2018 LQ 2017 Median Hourly Earnings May 2018 - Apr 2019 Unique Average Monthly Pos ngs 55,457 -165 0% 1.02 $15.29 2,111 38,453 38,089 -364 -1% 1.03 $12.33 3,699 Food Prepara on and Serving Related 28,011 30,384 2,373 +8% 0.97 $9.62 1,143 Healthcare Prac and Technical 26,554 28,984 2,430 +9% 1.40 $26.83 3,516 Transporta on and Material Moving 23,295 24,943 1,648 +7% 0.98 $14.11 5,328 Management 20,718 22,224 1,506 +7% 1.06 $33.59 1,874 Business and Financial Opera ons 18,085 19,866 1,781 +10% 1.03 $25.92 1,173 Educa on, Training, and Library 19,159 18,388 -771 -4% 0.87 $21.71 708 Produc on 16,008 16,284 276 +2% 0.75 $16.35 441 Construc on and Extrac on 16,360 16,272 -88 -1% 0.95 $16.01 259 Installa on, Maintenance, and Repair 16,550 16,102 -448 -3% 1.10 $18.22 911 Personal Care and Service 12,023 14,373 2,350 +20% 0.90 $10.03 391 Building and Grounds Cleaning and Maintenance 13,910 13,374 -536 -4% 0.98 $10.24 292 Healthcare Support 11,983 12,190 207 +2% 1.20 $12.27 366 Computer and Mathema cal 10,106 9,857 -249 -2% 0.92 $31.95 1,548 Protec ve Service 8,589 8,590 +0% 1.03 $16.78 223 Community and Social Service 6,346 6,551 205 +3% 1.06 $18.30 324 2013 Jobs 2018 Jobs Office and Administra ve Support 55,622 Sales and Related Occupa on oners Emsi Q2 2019 Data Set | www.economicmodeling.com 23 Economy Overview Workforce Characteris cs - Cont Change in Jobs % Change in Jobs 2018 LQ 2017 Median Hourly Earnings May 2018 - Apr 2019 Unique Average Monthly Pos ngs 5,506 284 +5% 0.80 $17.35 340 4,773 4,726 -47 -1% 0.75 $31.88 432 Legal 3,543 3,594 51 +1% 1.17 $31.31 87 Military-only 4,597 3,097 -1,500 -33% 1.36 $16.55 Life, Physical, and Social Science 2,646 2,599 -47 -2% 0.85 $25.10 123 Farming, Fishing, and Forestry 1,306 1,424 118 +9% 0.51 $10.99 10 Occupa on 2013 Jobs 2018 Jobs Arts, Design, Entertainment, Sports, and Media 5,222 Architecture and Engineering Emsi Q2 2019 Data Set | www.economicmodeling.com 24 Economy Overview Educa onal Pipeline In 2017, there were 9,762 graduates in Arkansas Coun es This pipeline has shrunk by 1% over the last years The highest share of these graduates come from Liberal Arts and Sciences/Liberal Studies, Liberal Arts and Sciences/Liberal Studies, and Registered Nursing/Registered Nurse Total Graduates (2017) School University of Central Arkansas 2,432 University of Arkansas at Li le Rock 2,333 University of Arkansas-Pulaski Technical College 2,135 University of Arkansas for Medical Sciences 901 Bap st Health College-Li le Rock 389 Hendrix College 367 Imagine-Paul Mitchell Partner School 201 Eastern College of Health Voca ons-Li le Rock 200 Central Bap st College 158 Philander Smith College 104 Cer ficate Associate's Bachelor's Emsi Q2 2019 Data Set | www.economicmodeling.com Graduate Trend (2013 2017) Master's or Higher 25 ... 340 4,773 4,726 -4 7 -1 % 0.75 $31.88 432 Legal 3,543 3,594 51 +1% 1.17 $31.31 87 Military-only 4,597 3,097 -1 ,500 -3 3% 1.36 $16.55 Life, Physical, and Social Science 2,646 2,599 -4 7 -2 % 0.85 $25.10... Central Arkansas 2,432 University of Arkansas at Li le Rock 2,333 University of Arkansas- Pulaski Technical College 2,135 University of Arkansas for Medical Sciences 901 Bap st Health College-Li... 5,443 -2 59 -5 % 0.87 $49,635 $1.32B Informa on 7,320 4,652 -2 ,668 -3 6% 0.68 $67,732 $1.27B Arts, Entertainment, and Recrea on 3,350 3,899 549 +16% 0.60 $22,500 $153.00M U li es 2,222 2,173 -4 9 -2 %